Yes
No
N/A
Comments
>> Determine the Impact of the Guidance
Have all systems and processes that will be affected by the revenue
recognition guidance been identified? (List affected systems and processes in
the Comments column.)
For each affected system or process, has the effect on the following been
evaluated:
• Procedures and methods
• Internal controls
• IT
• Software or spreadsheet applications
• Documentation
>> Select a Transition Method
Has a transition method been selected? (Use the Comments column to
indicate whether full or modified retrospective adoption is chosen.)
If full retrospective adoption is elected, can the transition adjustment be
determined at the beginning of the earliest period presented and can any of
the practical expedients of FASB ASC 606 be applied?
If modified retrospective adoption is elected, will the accounting records be
able to be maintained under both FASB ASC 606 and previous GAAP during
the year of initial adoption to meet disclosure requirements?
Has the ability to capture historical information needed for restatement of
customer contracts been evaluated?
Are procedures in place to track on a real-time basis the information needed
to restate contracts with customers?
>> Make Changes to Operations, Systems, Processes and
Internal Controls
Has a project plan been developed to make needed changes to operations,
systems, processes and internal controls?
>> Train Staff
Have all impacted personnel been trained on the detailed requirements of
FASB ASC 606?
>> Inform Stakeholders
Will it be necessary to communicate with any of the following stakeholders
regarding the effects of the revenue recognition guidance:
• Audit committee
• Board of directors
• Investors
• Lenders
• Regulators
• Employees
• Other (specify)
CONTRACTOR’S REMINDER CHECKLIST | 2